IF troubled TV network giant ABS-CBN fails to retain its franchise, this will inflict a massive toll on the Lopez-led group’s performance in the market, an analyst said.

“Telebroadcasting is a significant part of ABS-CBN, so a non-renewal of its franchise would be a drag to the company,” Japhet Louis Tantiangco, research analyst at Philstocks Financial Inc., told The Manila Times on Friday.